Insurance

[Ron Hampe]

Looking for opinions - I'm taking a long overdue full inventory of my shop (with pictures) and the total is going to be close to 200K replacement cost on contents. Should I try again to add a rider to my homeowner's insurance or are there companies that would insure the tools. The last time I tried to add a rider the agent raised the coverage on my home and contents instead which I now know added very little additional coverage to the contents of the detached shop. In all honesty though until now I didn't realize how much money I've spent on tools over the last 40+ years.

Also how often do you update your inventory list?

[Jim Becker]

If you are running a business, you need business insurance. I used Acuity for that when my business was still open. If personal/hobby use, if you can add to your homeowner's coverage, that's usually the easiest, but what you can do is company/policy specific as well as dependent on your state's insurance laws. Some insurance companies "blink" a bit when they see a major hobby setup that clearly could also be a business, so tread lightly and work with your agent.

Best to keep a listing of major items, acquisition date, cost and serial numbers as well as take photos of the same.

[Ron Hampe]

Currently covered thru my local ERIE agent, but want to add full coverage for the contents of my shop. Once I start selling at shows I will be adding a liability policy for those.

[Jim Becker]

Once you start selling at shows you are in a business situation and kinda need business insurance, not just for liability, but likely also for your equipment unless your current homeowner's policy will cover stuff used for casual, hobby businesses. Be sure you discuss this specifically with your agent as you don't want to get into a cancellation situation which can really mess up your life.

[carasel]

Something you may want to check into
My insurance is business insurance. Not sure if being business insurance made this difference.
My agent said . If your machines are bolted to the floor. They become real estate. Insured at lower rate. Saves a few dollars for you.
So my router, wide belt, slider and bander are all bolted to the floor. I don't understand why this is. It just saves me a few dollars.